What is the global market size of the Blockchain IoT Market?

Global Blockchain IoT Market size was valued at USD 374.4 million in 2021 and is poised to grow from USD 543.3 million in 2022 to USD 10678.4 million by 2030, growing at a CAGR of 45% in the forecast period (2023-2030).

Who are the key vendors in the Global Blockchain IoT Market?

Global blockchain iot market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global blockchain iot market 'IBM', 'Microsoft', 'Intel', ' Amazon.com, Inc. ', ' Cisco Systems, Inc. ', ' Huawei Technologies Co., Ltd. ', ' Oracle Corporation ', ' SAP SE ', ' Accenture plc ', ' PTC Inc. ', ' Blockchain IoT Solutions Inc. ', ' Filament ', ' Helium Systems Inc. ', ' Chronicled Inc. ', ' Factom Inc. ', ' Chain of Things Ltd. ', ' Ethereum ', ' IOTA Foundation ', ' Xage Security Inc. ', ' Weeve GmbH '

What is the key driver of the Global Blockchain IoT Market?

IoT devices are widely used in various applications including smart city projects, smart transportation, automotive connections, smart grids, and smart homes. However, as connectivity increases, IoT devices are becoming vulnerable to security issues such as distributed denial of service (DDoS) attacks, botnet attacks, and weak ecosystem interfaces. Vulnerable IoT devices give cybercriminals easy access to security systems. Blockchain solutions establish a decentralized network of IoT devices, eliminating the need for a single site to manage device connectivity. Blockchain is an exciting solution for IoT security as it provides strong protection against data modification and unauthorized access to IoT devices. Using blockchain to store IoT data adds an additional level of security, powerful encryption, and transparency, ensuring that only authorized individuals has access to the IoT network. As a result, businesses using IoT-enabled sensors are turning to blockchain technology to improve the security of their IoT assets.

What is the key market trend for the Global Blockchain IoT Market?

Data security is one of the most important limitations for devices and services deployed in the metropolitan metropolis, which, when combined with blockchain's decentralized platform, ensures public trust and thus promotes market growth. Also, government projects around the world are beginning to recognize the potential of blockchain as it provides the necessary infrastructure for transaction management and guarantees transparency and security, both of which are key trends in smart city development.

Which region accounted for the largest share in the Global Blockchain IoT Market?

On the basis of region, global blockchain iot market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global blockchain IoT market by region due to the early adoption of new technologies and the availability of the latest technology infrastructure. North America is expected to gain prominence due to the presence of major technology players, including IBM, Microsoft, and Cisco, and the high adoption of IoT and blockchain technology in various industries such as healthcare, manufacturing, and transportation.

Blockchain IoT Market Size, Share, Growth Analysis, By Component, By Application(Smart Contracts, Data Security, Data Sharing/Communication, Asset management and tracking), Organization Size, Industry Vertical, and Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2041 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 124 | Figures: 77

Blockchain IoT Market News

In February 2023, Conflux Networks partnered with China Telecom to develop blockchain-based SIM cards. Conflux Network, a blockchain protocol, will produce blockchain-based SIM cards in partnership with China Telecom, one of the country’s largest wireless providers, with an estimated 390 million users.
In November 2022, China's national blockchain infrastructure, Xinghuo Blockchain Infrastructure and Facility, and Malaysia's digital services provider MY EG, Services Berhad (MyEG) signed an agreement to acquire and operate an "international supernode", while Beijing expand its international blockchain.
May 2022 - IBM partnered with Web3 to create a digital native experience, accelerating and evolving the future of business blockchain. Hybrid enterprise blockchain solutions can help businesses achieve new business outcomes, such as premium security, privacy, auditable compliance, competitive advantage protection and market flexibility can help the company gain a competitive edge benefit. With reduced friction, reduced costs and efficiencies, a single source of truth is visible to all involved members in real time.

Blockchain IoT Market Report Snapshots

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Global Blockchain IoT Market size was valued at USD 418.66 Million in 2022 and is poised to grow from USD 2.64 Billion in 2023 to USD 16753.39 Million by 2031, growing at a CAGR of 50.67% in the forecast period (2024-2031).

The blockchain IoT market is highly dynamic and competitive, with leading technology companies, startups and industry-specific players vying for dominance. The competition stems from the need to deliver secure, transparent and efficient IoT solutions by integrating blockchain technology. The landscape is characterized by strategy, collaboration, acquisition and innovation. IBM Blockchain is focused on developing platforms and solutions that seamlessly interact with IoT devices and networks. Their strategy includes leveraging their extensive cloud services and AI capabilities to improve IoT solutions. 'IBM Corporation ', 'Intel Corporation ', 'Microsoft Corporation ', 'Cisco Systems Inc. ', 'Amazon Inc. ', 'Robert Bosch GmbH ', 'The Linux Foundation ', 'KrypC Technologies ', 'Ethereum Foundation ', 'R3 LLC ', 'IoTA ', 'Waltonchain'

One of the major drivers of the Blockchain IoT market is the improved security and data integrity offered by blockchain technology. Using a decentralized and tamper-proof ledger, blockchain ensures that IoT data is secure, verifiable and resistant to unauthorized alteration. This capability is essential for applications where data integrity and security are paramount, such as healthcare, finance, and supply chain management.

North America accounted for the largest revenue share at 34.6% by 2022 and is expected to grow significantly during the forecast period. One of the most important factors driving the growth of the market in this segment is the presence of major players such as IBM Corporation, Microsoft Corporation, Amazon.com, Inc., and Cisco Systems, Inc. Also, the segment is at the forefront of adopting emerging technologies, including blockchain and IoT, which contribute to its growth.

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Blockchain IoT Market Size, Share, Growth Analysis, By Component, By Application(Smart Contracts, Data Security, Data Sharing/Communication, Asset management and tracking), Organization Size, Industry Vertical, and Region - Industry Forecast 2024-2031

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What is the global market size of Blockchain IoT Market?

Who are the key vendors in the Blockchain IoT Market?

What is the key driver of Blockchain IoT Market?

What is the key market trend for Blockchain IoT Market?

Which region accounted for the largest share in Blockchain IoT Market?

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